Adding Product Categories

Use the Categories > Create Category page to add product categories to the system. A loan type can only have one product category.

When you add a category, you configure the various settings that will apply to all products created for that category. For example, policy settings are one of the items you set at the product category level for report purchasing, scoring, and co-applicant evaluation. The co-applicant evaluation policy settings are used in situations in which there are two applicants. These settings guide the workflow process to either obtain a CRA report or score, or evaluate data in the Decision Module for a co-applicant up front in the process flow or later, if the primary applicant scores below the score cutoff. If a system administrator specifies that the secondary applicant (co-applicant) should be the decision party, the Application Processing Module automatically performs this type of processing on all applications where the primary applicant scores below the cutoff.

Timeouts: Timeouts are another item you set at the product category level. It applies to all products created within that product category.

Consumer and Small Business LOB templates: A timeout is the number of days an application can remain in a particular status, for example, Investigate. When an application is in a particular status for which a timeout limit has been set, and that timeout limit has been met, the system moves the application to the next logical status. For example, the workflow for the Consumer template is configured to have the application move to the Declined state if a timeout is reached. However, this workflow is configurable; your implementation may follow a different status timeout behavior, or it can even be configured to not even use that product category configuration.

Synchronous Consumer Line of Business Template: For this LOB template, you set the timeout at two levels, application level and application status level. You specify the workflow that is triggered when the timeout limit has been met.
  • Application level: A timeout is the number of days since the application has been submitted and the application has not reached the final status, such as Approved, Withdrawn, Booked, Canceled, or Declined. If the timeout limit has been met, the workflow specified is executed.
  • Application status level: When an application is in a particular status for which a timeout limit has been set, and that timeout limit has been met, the workflow specified get executed. You can add multiple application statuses and for each status, specify the days and the workflow to be triggered.
  1. In the administration navigation pane, click Categories.
  2. Click Create.
  3. Enter a code and name for the new product category that you are adding. You cannot create a product category with the same name as an existing one.
    The product category can specify the report purchase and scoring policies, or the various timeout parameters. For example, you could enter a category name such as Consumer Card or Corporate Card if you select Consumer from the Type drop-down list. Or, you could enter a category name such as Line of Credit if you select Small Business from the Type drop-down list.
  4. Select a product category type from the Type drop-down list.
  5. (Optional) Enter a description for the product category being added.
  6. In the Purchase bureau report and the Purchase SBSS report drop-down lists, specify whether the bureau report and the SBSS scores will be purchased or not respectively.
  7. In the Purchase CRA report drop-down list, specify whether the CRA report will only be purchased for the primary applicant or for all applicants.
  8. In the Score drop-down list, specify whether the scoring policy will only be applied to the primary applicant or to all applicants.
  9. In the Evaluation Policy drop-down list, select the type of policy that will be applied to evaluate co-applicants.
  10. For the Consumer and Small Business LOB templates: to enter the timeout limits (in days) for the product category, click Add. For example, you can specify the number of days that an application can remain in a certain status (such as Pending Duplicate Resolution, Pending Review Resolution, Pending Credit Offer Entry, or Pending Verification) for either the Consumer or Small Business category.
    Note:
    • The list of status names that appear in the timeout list is configurable. Your data architect can use the FICO Application Studio Designer to set the status names you want to use and then further indicate which status names should appear in the Application Status drop-down list when setting the timeout values. In addition to the application status being configurable, the list of status names used in the product category is configurable, as is the action to take when a timeout occurs.
    • As of this release, if the timeout limit is set, the application is not removed from the system when the archive process runs. For now, you can use this data for your own archival methods.
  11. For the Synchronous Consumer LOB template:
    • To enter the timeout limit (in days) at the application level, specify the number of days and then select the workflow to be executed when the timeout limit is met.
    • To enter the timeout (in days) at the application status level, click Add. Select the applcation status, specify the timeout limit (in days), and then select the workflow to be executed when the timeout limit is met. Repeat this step to add the timeout limit for multiple application statuses.
  12. Click Create.
    Note: If you add a new product category, you need to modify the Decision Module to contain rules for the product category or you will encounter an error.

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